Signature Estate & Investment Advisors LLC Takes $221,000 Position in DraftKings Inc. $DKNG

Signature Estate & Investment Advisors LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,149 shares of the company’s stock, valued at approximately $221,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Otter Creek Advisors LLC raised its position in DraftKings by 87.3% in the 2nd quarter. Otter Creek Advisors LLC now owns 82,644 shares of the company’s stock valued at $3,545,000 after purchasing an additional 38,521 shares during the last quarter. Huntleigh Advisors Inc. raised its position in DraftKings by 5.5% in the 2nd quarter. Huntleigh Advisors Inc. now owns 43,267 shares of the company’s stock valued at $1,856,000 after purchasing an additional 2,247 shares during the last quarter. Allianz Asset Management GmbH raised its position in DraftKings by 34.9% in the 2nd quarter. Allianz Asset Management GmbH now owns 10,901 shares of the company’s stock valued at $468,000 after purchasing an additional 2,818 shares during the last quarter. Bridges Investment Management Inc. raised its position in DraftKings by 9.9% in the 2nd quarter. Bridges Investment Management Inc. now owns 7,304 shares of the company’s stock valued at $313,000 after purchasing an additional 659 shares during the last quarter. Finally, Patten & Patten Inc. TN purchased a new stake in DraftKings in the 2nd quarter valued at $281,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several research reports. Mizuho reduced their price target on shares of DraftKings from $58.00 to $54.00 and set an “outperform” rating for the company in a research report on Tuesday, October 7th. UBS Group cut their price objective on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Barclays restated an “overweight” rating and set a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Northland Capmk downgraded shares of DraftKings from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, October 1st. Finally, Benchmark cut their price objective on shares of DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research report on Thursday, October 2nd. Twenty-seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.83.

Insiders Place Their Bets

In other news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the completion of the transaction, the director owned 402 shares in the company, valued at $18,459.84. This trade represents a 99.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the transaction, the insider owned 500,000 shares of the company’s stock, valued at $22,300,000. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 552,777 shares of company stock worth $24,690,599. Insiders own 47.08% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG opened at $33.62 on Wednesday. The company has a 50-day simple moving average of $41.81 and a 200-day simple moving average of $39.64. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. The company has a market capitalization of $16.69 billion, a PE ratio of -51.72, a P/E/G ratio of 0.84 and a beta of 1.99. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The business’s revenue was up 36.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.